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Action Insight: Market Overview  This section contains analysis reports produced by our inhouse analyst team. Reports are updated at least twice a day, covering major happenings in the markets as well as their impacts. Details on the technical analysis of specific currency pair will be found in the technical outlook section. This section will be continuously expanding. Check out this section often or we'd highly recommend you to subscribe to our newsletters to get alert of new reports in this section.
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Market Overview |
Written by ActionForex.com |
Jul 04 09 06:39 GMT |
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Dollar and yen were under much pressure in the early part of last week as optimistic investors sent global stocks higher. Economic data were generally positive, until the release of worse than expected ADP employment and then the disappointing non-farm payroll. NFP alone sent DOW -223pts lower to close the week near the low. Dollar and yen rode on the turn in investor sentiments and rebounded, additionally supported by weakness in commodities. But after all, major pairs are still staying in prior week's range and it needs something more drastic to trigger a breakout. Nevertheless, some large moves in the forex markets could be around the corner considering the technical developments in stocks and crude oil. |
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Market Overview |
Written by ActionForex.com |
Jul 03 09 06:26 GMT |
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Markets stabilize in today's Asian session with dollar and yen giving back some of yesterday's sharp gain. Asian stocks opened lower following yesterday's -223 pts fall in DOW but recover. While much volatility was seen during the week, no breakthrough is seen in the markets yet and major currencies are settling back into last week's range even though some general strength is seen in the greenback on yesterday's rebound. With US markets on holiday today, it's likely that markets will remain indecisive to close the week. Though, some more volatility might be seen in European session with Eurozone retail sales, UK PMI Services and Swiss CPI featured. |
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Market Overview |
Written by ActionForex.com |
Jul 02 09 13:17 GMT |
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Yen and, to a lesser extent, dollar are generally higher in early US session on risk aversion following the release of worse than expected Non-Farm Payroll report from US. The report showed deeper than expected -467K contraction of the job market in Jun, versus consensus of -375K. Though, prior month's data was revised up from -345k to -322k. The figure in Jun was indeed quite close to ADP number of -467k released yesterday. Unemployment rate, on the other hand, climbed less than expected to 9.5% in Jun. Higher yielders are generally lower as futures point to lower open in US stocks. Commodities are also pressured, in particular with Crude oil falling back to below 68 level again. |
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Market Overview |
Written by ActionForex.com |
Jul 02 09 07:40 GMT |
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Dollar recovers strongly on supportive comments from China again but after all, financial markets are generally indecisively mixed ahead of key events of ECB rate decision and US Non-Farm Payroll report today. In the currency markets, note that EUR/USD's rebound from 1.3747 is still looking corrective in nature. Meanwhile, yesterday's rebound in GBP/USD and AUD/USD was rather unconvincing and both pairs were held below this week's low. There isn't any follow through selling to send the greenback out of recent range yet but on the other hand, dollar is not decisive enough to have a reversal from recent decline. In other markets, Asian stocks are generally mixed even though DOW did have some nice recovery yesterday. Crude oil continue to hover around 70 level while Gold is also gyrating in range of 920 and 950. All eyes will be on today's key events for inspiration for some sustainable move. |
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Market Overview |
Written by ActionForex.com |
Jul 01 09 14:20 GMT |
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Risk appetite is driving the dollar lower in early US session as stocks rebound strongly after yesterday's fall. Dow opens higher and the development continues to indicate it has bottomed out in near term at 8259 last week. Rally in stocks provide some support to commodity and pressure the greenback in general. In addition, dollar is pressured by disappoint employment data released today even though the impact is somewhat offset by better than expected ISM report. Euro, and to a lesser extent, Sterling, are lifted by upside surprises in today's PMI manufacturing data. Some more downside might be seen in the greenback today. But after all, traders remain generally cautious and will likely keep major pairs in range ahead of tomorrow's key events of NFP and ECB. |
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Market Overview |
Written by ActionForex.com |
Jul 01 09 07:40 GMT |
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EUR/JPY surges in an otherwise mixed market today. While the greenback rebounded strongly in late session yesterday, the strength there was not enough to push dollar through near term resistance against most major currencies, except yen. Instead the greenback's rally stalled after san Francisco Fed Yellen said that interest rates in US interest rate may stay near zero for the next few years and that's "not outside the realm of possibility." Clearer trend is seen in broad based weakness in Yen after data from China Manufacturing PMI showed expansion for the fourth consecutive months. Some additional pressure was seen on yen by disappointing quarterly tankan survey. Euro, on the other hand, is lifted by stronger than expected retail sales data from Germany. Much volatility is anticipated with manufacturing data across atlantic to be released, as well as job reports from US. |
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Market Overview |
Written by ActionForex.com |
Jun 30 09 14:07 GMT |
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Dollar strikes back in early US session, with the help from falling oil and gold prices, and rebounds against most major currencies. In addition, worse than expected consumer confidence data from US sends stocks back into negative territory, which in turn lifts the dollar further against commodity currencies. As noted earlier, while Sterling's rally earlier today was impressive, the strength in other major currencies, including Euro, Aussie and Loonie were not that apparent which cast some doubts about weakness of the greenback. Markets look indecisive for the moment and would likely continue to gyrate inside established range until Thursday's key events of ECB and NFP. |
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Market Overview |
Written by ActionForex.com |
Jun 30 09 07:27 GMT |
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Sterling is leading the breakout in forex markets today with GBP/USD taking out this year's high of 1.6617 and soars to as high as 1.6747 so far while strength of the pound is also clearly seen against Euro and Yen. While risk appetite is cited as the main driving force somewhere on the market, we're a bit skeptical as the rebound is Aussie is not as clear as in Sterling. On the other hand, while Crude oil breaches 73 level briefly, there is no comparable strength seen in Canadian dollar. Hence, while Sterling's strength is clear, as seen with recent resilience, some more evidence is needed to confirm broad based downside breakout of dollar. |
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Market Overview |
Written by ActionForex.com |
Jun 29 09 13:19 GMT |
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Dollar pares earlier gain as markets remains cautiously in range ahead of the key events later this week. Euro was lifted mildly in European session following release of generally better than expected business and consumer survey data. Sentiments across different components improved for the third consecutive months in Jun. Economic sentiments rose from 70.2 to 73.3. Industrial confidence was up from -33.2 to -31.9. Consumer confidence was up from -28.1 to -25.1. Services confidence also rose from -22.5 to -19.8. The overall sentiment index is also at highest level since November. Though, the data were not strong enough to suggest sustainable near term recovery in economic activity yet. Markets will likely remain cautious on Euro ahead of ECB meeting later this week. |
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Market Overview |
Written by ActionForex.com |
Jun 29 09 07:24 GMT |
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Dollar recovers as the week starts following comment from PBoC Governor Zhou that there are no "sudden changes" in China's stable foreign exchange reserve policy. Zhou emphasized that the policy aims at "liquidity, safety and returns." The dollar was sold off last Friday after PBoC called for a "super-sovereign reserve currency" that's delinked from the economies of the issuers in the annual financial stability report. Traders pare some speculation that China will be speeding up diversifications of its $1.95T reserve soon after today's comment from Zhou. |
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Market Overview |
Written by ActionForex.com |
Jun 27 09 15:03 GMT |
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It was a rather mixed week with sentiments flipped flopped a few times. Dollar weakened against most major currencies in general but remained in familiar range. Markets are still undecided on which way to push the greenback further. Euro staged a strong rebound against Swissy, thanks to another round of SNB intervention and also managed to gain some ground against higher yielders but there was also lack of follow through buying in general. Nevertheless, traders will be prepared for a breakout this week considering the list of important events including Non Farm Payroll, ISM, ECB and Japanese Tankan. |
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Market Overview |
Written by ActionForex.com |
Jun 26 09 13:19 GMT |
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Dollar falls further today as more reserve talk from China. PBoC said in the annual financial stability report release today that there is a need to create a "super-sovereign reserve currency" that's delinked from the economies of the issuers so as to "prevent the deficiencies in the main reserve currency". Without naming the dollar, the report also said that "an international monetary system dominated by a single sovereign sovereign currency has intensified the concentration of risk and the spread of the crisis." The bank also urged IMF to manage part of its members' FX reserves. However, some support is seen in early US session as commodity pares earlier gains. Crude oil reached as high as 71.29 earlier today but is back under 70 level while |
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Market Overview |
Written by ActionForex.com |
Jun 26 09 07:30 GMT |
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Dollar is back under pressure again as stocks and commodities rebound. Following the 172pts rebound in DOW, Nikkei opened higher today and is back to 9877, up 81 pts. Crude oil is back above 71 level after diving to as low as 61.37 earlier this week while Gold is also back above 944 level. Nevertheless, note that the outlook in greenback is still rather unclear. The developments in GBP/USD and AUD/USD are supporting new high in these pairs, i.e. new low in dollar. However, USD/CHF is still in favor to extend recent rebound from 1.0590. While some pull back might be seen in USD/CAD, the whole rise from 1.0784 is still in healthy shape. The outlook in EUR/USD is also mixed with somewhat 50/50 chance of breakout of this week's range on either side. Markets are still in search for direction. |
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Market Overview |
Written by ActionForex.com |
Jun 25 09 13:31 GMT |
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Dollar continues to attempt to strength in general as mixed data from US provides little inspiration to the markets. Finalized Q1 US GDP was revised up from -5.7% to -5.5% annualized contraction unexpectedly. GDP price index was unchanged at 2.8%. However, initial jobless claims unexpectedly climbed back to 627k. Continuing claims rose again to 6.74m. From Eurozone, industrial new orders dropped much more than expected by -35.5% yoy in April. |
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Market Overview |
Written by ActionForex.com |
Jun 25 09 07:50 GMT |
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Dollar was lifted by FOMC statement's message of easing deflation threat yesterday. Some retreat was seen Asian session on rising stocks but the greenback is gathering momentum in early European session as European indices open mildly lower. The Japanese yen lost some ground on risk appetite but downside is so far limited. Gold and crude oil are staying in tight range after recovery from yesterday lost steam. |
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Market Overview |
Written by ActionForex.com |
Jun 24 09 19:57 GMT |
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Dollar extends earlier rebound after FOMC left rates unchanged released a somewhat more optimistic statement. Stocks turned red with DOW dipping through yesterday's low and reached as low as 8259 so far. Treasury yield jumped while crude oil and gold pared earlier gains. The statement noted that pace of economic contraction is slowing and conditions in financial markets have generally improved. Inflation is expected to remain subdued for some time despite recent rise in commodity prices. Interest rate will remain at "exceptionally low levels" for an extended period of time. The plan to buy $1.25T of agency mortgage-backed securities, $200b of agency debt, $300 of Treasury securities is unchanged. and fed will monitor "the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted" |
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Market Overview |
Written by ActionForex.com |
Jun 24 09 12:39 GMT |
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Swiss franc is sold off sharply right ahead of the magical 1.5 level in EUR/CHF again on, possibly, intervention from Swiss National Bank. Officials from SNB and BIS declined to comment. But this is the second time, that EUR/CHF rebounded strongly after failing to get through the 1.5 level. The difference is that this time the rebound is even stronger enough to set it though 1.5234 resistance level, which technically suggests that the choppy consolidation from March's high of 1.5446 is over. But in any case, 1.5 will be solid in near term. |
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Market Overview |
Written by ActionForex.com |
Jun 24 09 07:44 GMT |
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Dollar continues to edge lower against major currencies as traders are preparing for the highly anticipated FOMC statement. Yesterday's two year treasury auction was quite well received, drew 3.19 times bids for $40b 2 year note. The Treasury will also auction five-year notes and seven-year securities tomorrow, totally a record $104b this week. Recent development dampens the immediate dollar bullish case. As noted yesterday, the breakout of a falling wedge pattern in EUR/USD argues that 1.4337 is not the top yet. GBP/USD also hold well above near term support of 1.6185 while AUD/USD failed to sustain below 0.7826 support. The greenback looks vulnerable to a new low. |
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Market Overview |
Written by ActionForex.com |
Jun 23 09 14:12 GMT |
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Major currencies recovered some of this week's losses as market sentiments turned around in European session, following general strength in European major stock indices. However, such rebound seems to be losing momentum into US session as DOW opens nearly flat, without much strength for a noticeable recovery so far. EUR/JPY and AUD/JPY did rebound strongly after drawing support from mentioned medium term trend line again but we'd still slightly favor the bearish views in yen crosses in general unless there is more persistent buying to send yen crosses through this week's high. Dollar, on the other hand, is extending recent consolidation against Euro and Swissy and weakens sharply today. Treasury yields recover mildly ahead of auction of $40b of 2 year debt today. There will be a massive $104b sale of debt this week including $37b of 5 year notes tomorrow and $27b of seven-year securities on Thursday. |
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Market Overview |
Written by ActionForex.com |
Jun 23 09 07:44 GMT |
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The Japanese yen continues its strong momentum broadly today on risk aversion. Nikkei fell another -276 pts to 9549 following yesterday's -200 fall in DOW. Crude oil dipped below 67 level in Asia while Gold also breached 920 level. Dollar strengthens against commodity currencies but remains bounded in range against Euro and Swissy. Yen is only currency that display broad based strength today, and has so far climbed over 4% against Aussie this week and over 3.5% again Kiwi. The developments in Yen, Stocks and Treasury yields will remain the major focus in near term. |
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| | Results 1 - 20 of 2018 |
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